Digital currency speech by Zhou Xiaochuan
Publish: 2021-04-23 02:26:41
1. The central bank has never officially issued a digital currency, and now it is only studying it, and it needs to carry out a pilot project. Any digital currency under the banner of the central bank is a fraud organization, and many of them are pyramid schemes
2. Zhou Xiaochuan believes that bitcoin's blockchain technology has great potential. Zhou Xiaochuan compares bitcoin to a tradable asset like a stamp. Bitcoin is not issued by the central bank, which has no right to ban it. The central bank also plans to launch digital currency, which defines bitcoin as a special Internet commodity that people can buy and sell freely at their own risk
other well-known digital currencies include Leyte, Ruitai, doggy and so on.
other well-known digital currencies include Leyte, Ruitai, doggy and so on.
3. At the Boao Forum for Asia held in April this year, Zhou Xiaochuan, governor of the central bank, said that since digital currency is not the currency initiated and approved by the central bank, it is impossible to ban it. Digital currency belongs to digital assets, which can be freely traded between indivials. Therefore, digital currency is not MLM, not capital disk, but a kind of financial investment
4. Zhou Xiaochuan, the governor of the central bank, said at the Boao Forum for Asia that virtual currency is not a currency approved by the central bank and can not be banned. Since digital currency is not the currency initiated and approved by the central bank, it can not be banned. Digital currency belongs to digital assets, which can be freely traded between indivials. Therefore, digital currency is not MLM, not capital disk, but a kind of financial investment.
5. How can it be a person, this is initiated by the central bank. The nature of digital money is still the same as paper money. It is a national credit. Zhou Xiaochuan has the final say that the central bank's digital money research team will do it, and it will be effective after approval by the State Council.
6. You have met a pyramid scheme fraud organization. The central bank has never issued digital currency. Any digital currency is illegal in China
7. Digital currency is the development trend in the future. The central bank has been paying attention to digital currency for a long time. It is expected that digital currency will be issued this year and will be applied to the bill market first. It is also normal for some banks in the world to pay attention to digital currency. They keep up with the trend of the times and take a share in digital currency
of course, in addition to the mainstream digital currencies such as bitcoin, lightcoin and dogcoin, there are also some application-oriented digital currencies in China, such as some digital currencies on coin Ying China platform.
of course, in addition to the mainstream digital currencies such as bitcoin, lightcoin and dogcoin, there are also some application-oriented digital currencies in China, such as some digital currencies on coin Ying China platform.
8.
The rise of the Internet has not only changed people's lives, but also greatly changed our way of payment, which greatly facilitates our lives. This time, Zhou Xiaochuan, vice chairman of the Boao Forum for Asia and former president of the people's Bank of China, was at the Boao Forum for Asia & lt; Digital payment and digital currency; On the sub forum, the topic of digital currency was mentioned, which also showed the country's attitude towards digital currency
What are the difficulties in cross-border payment of digital currency
e to the exchange rate difference between the currencies of various countries, especially the massive issuance of US dollar by the United States, many countries have lost a lot. However, if digital currency is used for cross-border payment, there will be no such problem. However, the original intention of digital currency is not cross-border payment, but to facilitate China's retail instry. Many people see that digital currency is so convenient in China, so it can be applied to cross-border payment. However, cross-border payment is not so simple, because exchange rate and currency stability need to be considered, and even some countries have certain control over foreign exchange. Therefore, the road of cross-border payment of digital currency is still very long, and these problems can not be solved at present, So the difficulty is great
9. Zhou Xiaochuan, governor of the people's Bank of China, said at the Boao Forum for Asia today that after years of QE, the global monetary policy has reached the end of the cycle, which means that monetary policy will no longer be loose. He also made comments on re inflation, structural reform and other issues. Wall Street saw and heard that comprehensive Caixin, Tencent finance and economics, securities times and other media sorted out the main points of Zhou Xiaochuan's speech as follows:
it is too early to judge re inflation
the process of global economic recovery is tortuous, the recovery speed of various countries is inconsistent, and monetary policy is not fully coordinated. China began to return to prudent monetary policy in 2010
it is a great challenge to seriously consider when and how to leave the monetary policy easing cycle. It is too early to judge inflation again. Tightening monetary policy is a graal process
property bubble is not the expected consequence of monetary policy.
can not be said that monetary easing causes inflation and asset bubbles, which is actually an unintended consequence. Experience shows that when monetary policy is loose, it may lead to higher inflation, or lead to asset bubbles, financial markets or real estate markets, or other asset bubbles, but people still need to make trade-offs, or focus on rehabilitation and economic recovery.
China will not "helicopter money"
the Chinese government will not rely on "helicopter money" stimulus measures. The central bank has very serious economic solutions such as fiscal policy and structural reform; In order to recover the economy, the government should focus on repairing the balance sheet and financial situation, emphasizing structural reform; If everyone holds cash, negative interest rate will have no effect. With the popularity of digital currency, the utilization rate of cash has decreased significantly. "In the case of extreme deflation, maybe negative interest rate is more useful than helicopter throwing money."
Chinese investors should be treated better by other countries
China's opening-up measures depend on various sectors, but what China's central bank and financial regulators can do is to open up the financial instry to a greater extent. There has been a lot of preparatory work in this regard, but in some cases, it also depends on the negotiation process and strategy. China may hope to obtain some private enterprises' access to overseas high-tech instries; At the same time, we need to wait for the US government to clarify its position in bilateral negotiations. China also maintains free trade negotiations with Europe, ASEAN and other parties
fiscal policy is concive to structural reform
he also believes that fiscal policy is very helpful to structural adjustment. Some provinces are heavily indebted, and some still have room for fiscal stimulus. It is suggested to adjust the relationship between central government and local government
the proportion of central government debt to GDP is not very high; We need to adjust the relationship between the central government and the local government, adjust the financial power, administrative power and the limit of local fiscal policy
monetary policy also contributes to structural reform
the Bank of England has "financing for loan" (FLS), and the Central Bank of China has also created some monetary policy tools. The Central Bank of China guides funds into "agriculture, rural areas and farmers" and small and micro enterprises, but the final effect remains to be seen
just now, what great changes will Zhou Xiaochuan's thunder stimulate China's economy
if it goes on like this, the prospect is worrying, and the "money shortage" situation with serious consequences in 2013 may reappear
in the face of the highly leveraged speculation that threatens the stability of China's financial system and long-term economic development, the Chinese government's determination to control it has not wavered, and the anxiety of China's money market has also been lingering
the Boao Forum for Asia annual meeting 2017 was held in Boao, Hainan Province from March 23 to 26, with the theme of "facing the future of globalization and free trade". Zhou Xiaochuan, President of the people's Bank of China, attended and delivered a speech. He pointed out that after years of quantitative easing, we have reached the end of this cycle, and monetary policy is no longer loose
Zhou Xiaochuan pointed out today that after years of quantitative easing, we have reached the end of this cycle. Monetary policy is no longer loose. At present, the global economic recovery is going on at different speeds in different countries, and the performance of different countries is quite different. Global markets are not fully coordinated, and monetary policy is not fully coordinated
take China as an example. In the past, in order to cope with the global financial crisis, the monetary policy of moderate expansion was adopted at the end of September 2008. At the end of 2010, the State Council decided to return to prudent monetary policy< In addition, Zhou Xiaochuan said: fiscal policy is very helpful to structural adjustment; The recovery rates of various countries are inconsistent, and monetary policies are not fully coordinated. It is a very big challenge to seriously consider when and how to leave the monetary policy easing cycle. It is too early to judge inflation again; Tightening monetary policy is a graal process
earlier, according to the Wall Street Journal website on March 24, after three consecutive days of net investment in the first three days of this week, the Central Bank of China suspended the injection of cash into the money market for two consecutive days on March 23 and 24, making both sides nervous. As a result, the short-term capital interest rate continues to hover near the high point in more than two years, which also highlights the Chinese government's determination to rece the morbid dependence of the economy on cheap credit and huge debt
Ding Shuang, an economist of Standard Chartered group in Hong Kong, said that this is a precautionary move of the people's Bank of China, which is tantamount to telling the market clearly that the situation will not be what it wants
on the 24th, the people's Bank of China continued to tighten monetary policy in the money market, with a net return of 30 billion yuan through daily liquidity operations. From the 20th to the 22nd, the people's Bank of China put in 110 billion yuan to meet the seasonal cash demand, and then tightened the monetary valve on the 23rd, ending the main symbolic operation
this week's round of small-scale capital crunch has hit China's financial system, with banks and other financial institutions vying for cash to pay taxes and raising provisions to meet capital regulatory requirements. On the 21st, the news that several small rural loan institutions suffered from loan default further turned the nervousness into panic, making the seven day inter-bank market repo rate rise to a 26 month high of 5.01%< The article entitled "the soaring cost of issuing NCD" published on the website of the Wall Street Journal of the United States on March 24 said that China's financial system is suffering from a new problem, that is, the extensive use of negotiable certificates of deposit (NCD)
NCD is a bond like loan. The explosive growth in the use of NCD by Chinese banks is a test of the Chinese government's determination to rece the dependence of economic growth on investment and debt
to curb asset bubbles caused by debt financing, China's government has raised a series of key short-term interest rates, and the cost of NCD has also risen rapidly, exposing banks to risks of investment losses and sudden financing pressures. The Chinese government has raised short-term interest rates twice since the end of January
if it goes on like this, the prospect is worrying, and the "money shortage" situation with serious consequences in 2013 may reappear
Liu Dongliang, senior analyst of China Merchants Bank, said that the risk of NCD is very high, and if handled improperly, it may cause a liquidity crisis in the whole financial system
NCDs were initially attractive because of their low cost and no collateral requirements, but since October last year, the average cost of issuing AA rated three-month NCDs has risen from 2.90% to 4.72%
Liu Dongliang said that if the issuance cost of NCD further rises and exceeds the return on investment, he can only choose to sell bonds, which will bring more pressure to the already fragile bond market
according to the Financial Times website on March 24, China's financial system suffered from tight cash flow this week as new measures aimed at curbing shadow banking prompted big banks to save money, highlighting the risk of unintended consequences of the government's measures to rece debt
analysts have warned of the risks of banks increasingly relying on volatile short-term funds for lending and other investments rather than on customer savings, according to the report
tightening liquidity made the seven day repo rate reach the highest point in three years on the 21st
according to local media reports, some small rural banks defaulted on money market loans on the 21st, prompting the central bank to provide them with emergency funds. The money injected by the central bank eased the problem, but the seven day repo rate still reached 5.4% on the 23rd
an analyst of CITIC Securities said: "the actual liquidity is enough. The problem is expectations. The market is nervous about this. Everyone is asking themselves, "will there be any problems that they don't see?" or "will there be some kind of punitive measure to force institutions to sell assets?". Then the banks became cautious and stopped lending. "
to sum up, the current basic attitude of Chinese officials is that they hope to get a large amount of hot money from the first and second tier cities and the real estate market to the stock market and the real estate market in the third and fourth tier cities
What did Zhou Xiaochuan say recently? Bwcinese summed up 10 things and shocked every sentence< At the press conference held by G20 finance ministers and central bank governors, Zhou Xiaochuan, governor of the people's Bank of China, made a comprehensive speech, including 10 major events and his own views on China's economy, housing and interest rate:
about China's economy
● China's economic structure and quality are improving, economic fundamentals are still strong, and China's high savings rate will be converted into investment
on monetary policy
● China still has a certain monetary policy space and a variety of monetary policy tools. China still maintains a high trade surplus and low inflation, and the RMB has no room for long-term depreciation
on fiscal policy
● China continues to implement sound macro policy, with more active fiscal policy and increasing deficit
on housing
● the logic of indivial housing plus leverage is right, and housing loans should be vigorously developed. In China, the proportion of indivial housing loans in the total loans of banks is relatively low. Many countries account for 40-50% of the total loans, and China accounts for about 10%. Banks also think that indivial housing loans are relatively safe
about interest rate
● if interest rate policy wants to play a more important role, the interest rate signal should be clear. The interest rate corridor is being established graally. China opposes using competitive devaluation to boost exports
on debt
● the Chinese government pays close attention to debt. At present, the debt to GDP ratio is on the high side and continues to grow, so we need to be vigilant
about the equity market
● China has a strong desire to make the equity market develop well. China's equity financing market is not mature enough. Although it has a strong desire for development, it can not be encouraged
on financial regulation
● the implementation of macro Prudential policy framework does not necessarily require regulatory system reform. China's financial regulatory system will also be unsatisfactory in the crisis. China's financial regulatory system has the pressure to make adjustments, which is currently under study. We should prevent the risk transmission of systemically important financial institutions to global markets
about foreign exchange reserves
● China's foreign exchange reserves will remain at a reasonable and moderate level. The short-term fluctuation of RMB exchange rate will return to economic fundamentals
on G20
● global economic recovery is still slow and unbalanced, G20 will discuss global economic and policy considerations, and strengthen coordination to promote global recovery.
it is too early to judge re inflation
the process of global economic recovery is tortuous, the recovery speed of various countries is inconsistent, and monetary policy is not fully coordinated. China began to return to prudent monetary policy in 2010
it is a great challenge to seriously consider when and how to leave the monetary policy easing cycle. It is too early to judge inflation again. Tightening monetary policy is a graal process
property bubble is not the expected consequence of monetary policy.
can not be said that monetary easing causes inflation and asset bubbles, which is actually an unintended consequence. Experience shows that when monetary policy is loose, it may lead to higher inflation, or lead to asset bubbles, financial markets or real estate markets, or other asset bubbles, but people still need to make trade-offs, or focus on rehabilitation and economic recovery.
China will not "helicopter money"
the Chinese government will not rely on "helicopter money" stimulus measures. The central bank has very serious economic solutions such as fiscal policy and structural reform; In order to recover the economy, the government should focus on repairing the balance sheet and financial situation, emphasizing structural reform; If everyone holds cash, negative interest rate will have no effect. With the popularity of digital currency, the utilization rate of cash has decreased significantly. "In the case of extreme deflation, maybe negative interest rate is more useful than helicopter throwing money."
Chinese investors should be treated better by other countries
China's opening-up measures depend on various sectors, but what China's central bank and financial regulators can do is to open up the financial instry to a greater extent. There has been a lot of preparatory work in this regard, but in some cases, it also depends on the negotiation process and strategy. China may hope to obtain some private enterprises' access to overseas high-tech instries; At the same time, we need to wait for the US government to clarify its position in bilateral negotiations. China also maintains free trade negotiations with Europe, ASEAN and other parties
fiscal policy is concive to structural reform
he also believes that fiscal policy is very helpful to structural adjustment. Some provinces are heavily indebted, and some still have room for fiscal stimulus. It is suggested to adjust the relationship between central government and local government
the proportion of central government debt to GDP is not very high; We need to adjust the relationship between the central government and the local government, adjust the financial power, administrative power and the limit of local fiscal policy
monetary policy also contributes to structural reform
the Bank of England has "financing for loan" (FLS), and the Central Bank of China has also created some monetary policy tools. The Central Bank of China guides funds into "agriculture, rural areas and farmers" and small and micro enterprises, but the final effect remains to be seen
just now, what great changes will Zhou Xiaochuan's thunder stimulate China's economy
if it goes on like this, the prospect is worrying, and the "money shortage" situation with serious consequences in 2013 may reappear
in the face of the highly leveraged speculation that threatens the stability of China's financial system and long-term economic development, the Chinese government's determination to control it has not wavered, and the anxiety of China's money market has also been lingering
the Boao Forum for Asia annual meeting 2017 was held in Boao, Hainan Province from March 23 to 26, with the theme of "facing the future of globalization and free trade". Zhou Xiaochuan, President of the people's Bank of China, attended and delivered a speech. He pointed out that after years of quantitative easing, we have reached the end of this cycle, and monetary policy is no longer loose
Zhou Xiaochuan pointed out today that after years of quantitative easing, we have reached the end of this cycle. Monetary policy is no longer loose. At present, the global economic recovery is going on at different speeds in different countries, and the performance of different countries is quite different. Global markets are not fully coordinated, and monetary policy is not fully coordinated
take China as an example. In the past, in order to cope with the global financial crisis, the monetary policy of moderate expansion was adopted at the end of September 2008. At the end of 2010, the State Council decided to return to prudent monetary policy< In addition, Zhou Xiaochuan said: fiscal policy is very helpful to structural adjustment; The recovery rates of various countries are inconsistent, and monetary policies are not fully coordinated. It is a very big challenge to seriously consider when and how to leave the monetary policy easing cycle. It is too early to judge inflation again; Tightening monetary policy is a graal process
earlier, according to the Wall Street Journal website on March 24, after three consecutive days of net investment in the first three days of this week, the Central Bank of China suspended the injection of cash into the money market for two consecutive days on March 23 and 24, making both sides nervous. As a result, the short-term capital interest rate continues to hover near the high point in more than two years, which also highlights the Chinese government's determination to rece the morbid dependence of the economy on cheap credit and huge debt
Ding Shuang, an economist of Standard Chartered group in Hong Kong, said that this is a precautionary move of the people's Bank of China, which is tantamount to telling the market clearly that the situation will not be what it wants
on the 24th, the people's Bank of China continued to tighten monetary policy in the money market, with a net return of 30 billion yuan through daily liquidity operations. From the 20th to the 22nd, the people's Bank of China put in 110 billion yuan to meet the seasonal cash demand, and then tightened the monetary valve on the 23rd, ending the main symbolic operation
this week's round of small-scale capital crunch has hit China's financial system, with banks and other financial institutions vying for cash to pay taxes and raising provisions to meet capital regulatory requirements. On the 21st, the news that several small rural loan institutions suffered from loan default further turned the nervousness into panic, making the seven day inter-bank market repo rate rise to a 26 month high of 5.01%< The article entitled "the soaring cost of issuing NCD" published on the website of the Wall Street Journal of the United States on March 24 said that China's financial system is suffering from a new problem, that is, the extensive use of negotiable certificates of deposit (NCD)
NCD is a bond like loan. The explosive growth in the use of NCD by Chinese banks is a test of the Chinese government's determination to rece the dependence of economic growth on investment and debt
to curb asset bubbles caused by debt financing, China's government has raised a series of key short-term interest rates, and the cost of NCD has also risen rapidly, exposing banks to risks of investment losses and sudden financing pressures. The Chinese government has raised short-term interest rates twice since the end of January
if it goes on like this, the prospect is worrying, and the "money shortage" situation with serious consequences in 2013 may reappear
Liu Dongliang, senior analyst of China Merchants Bank, said that the risk of NCD is very high, and if handled improperly, it may cause a liquidity crisis in the whole financial system
NCDs were initially attractive because of their low cost and no collateral requirements, but since October last year, the average cost of issuing AA rated three-month NCDs has risen from 2.90% to 4.72%
Liu Dongliang said that if the issuance cost of NCD further rises and exceeds the return on investment, he can only choose to sell bonds, which will bring more pressure to the already fragile bond market
according to the Financial Times website on March 24, China's financial system suffered from tight cash flow this week as new measures aimed at curbing shadow banking prompted big banks to save money, highlighting the risk of unintended consequences of the government's measures to rece debt
analysts have warned of the risks of banks increasingly relying on volatile short-term funds for lending and other investments rather than on customer savings, according to the report
tightening liquidity made the seven day repo rate reach the highest point in three years on the 21st
according to local media reports, some small rural banks defaulted on money market loans on the 21st, prompting the central bank to provide them with emergency funds. The money injected by the central bank eased the problem, but the seven day repo rate still reached 5.4% on the 23rd
an analyst of CITIC Securities said: "the actual liquidity is enough. The problem is expectations. The market is nervous about this. Everyone is asking themselves, "will there be any problems that they don't see?" or "will there be some kind of punitive measure to force institutions to sell assets?". Then the banks became cautious and stopped lending. "
to sum up, the current basic attitude of Chinese officials is that they hope to get a large amount of hot money from the first and second tier cities and the real estate market to the stock market and the real estate market in the third and fourth tier cities
What did Zhou Xiaochuan say recently? Bwcinese summed up 10 things and shocked every sentence< At the press conference held by G20 finance ministers and central bank governors, Zhou Xiaochuan, governor of the people's Bank of China, made a comprehensive speech, including 10 major events and his own views on China's economy, housing and interest rate:
about China's economy
● China's economic structure and quality are improving, economic fundamentals are still strong, and China's high savings rate will be converted into investment
on monetary policy
● China still has a certain monetary policy space and a variety of monetary policy tools. China still maintains a high trade surplus and low inflation, and the RMB has no room for long-term depreciation
on fiscal policy
● China continues to implement sound macro policy, with more active fiscal policy and increasing deficit
on housing
● the logic of indivial housing plus leverage is right, and housing loans should be vigorously developed. In China, the proportion of indivial housing loans in the total loans of banks is relatively low. Many countries account for 40-50% of the total loans, and China accounts for about 10%. Banks also think that indivial housing loans are relatively safe
about interest rate
● if interest rate policy wants to play a more important role, the interest rate signal should be clear. The interest rate corridor is being established graally. China opposes using competitive devaluation to boost exports
on debt
● the Chinese government pays close attention to debt. At present, the debt to GDP ratio is on the high side and continues to grow, so we need to be vigilant
about the equity market
● China has a strong desire to make the equity market develop well. China's equity financing market is not mature enough. Although it has a strong desire for development, it can not be encouraged
on financial regulation
● the implementation of macro Prudential policy framework does not necessarily require regulatory system reform. China's financial regulatory system will also be unsatisfactory in the crisis. China's financial regulatory system has the pressure to make adjustments, which is currently under study. We should prevent the risk transmission of systemically important financial institutions to global markets
about foreign exchange reserves
● China's foreign exchange reserves will remain at a reasonable and moderate level. The short-term fluctuation of RMB exchange rate will return to economic fundamentals
on G20
● global economic recovery is still slow and unbalanced, G20 will discuss global economic and policy considerations, and strengthen coordination to promote global recovery.
10. 1: What evolution has reserve currency experienced in history
in history, reserve currency has experienced the evolution of silver standard, gold standard, gold exchange standard and Bretton Woods system
2. Theoretically, what kind of requirements should a reserve currency meet
as the pricing currency of international trade, this currency must be widely used. All in all, a truly reliable global currency should be well managed, stable in value, fully convertible, widely traded in highly liquid money markets and used as a pricing currency for international trade
3. What is SDR? Why is it a super sovereign currency? Why do we say that "the existence of SDR provides a glimmer of hope for the reform of the international monetary system"
SDR is a special drawing right (SDR), a reserve asset and accounting unit created by the International Monetary Fund, also known as "paper gold". It is a right to use funds allocated by IMF to Member States. When a member state has a balance of payments deficit, it can exchange foreign exchange with other Member States designated by IMF to repay the balance of payments deficit or IMF loans. It can also act as an international reserve like gold and freely convertible currency. However, because it is only a unit of account, not a real currency, it must be changed into other currencies when it is used, and can not be directly used for trade or non trade payments. Because it is a supplement to the original ordinary drawing right of the International Monetary Fund, it is called special drawing right
why is it a super sovereign currency? To put it bluntly, it is to end the reign of the dollar and the fate of the world paying for the United States. Beyond national sovereignty
why is it said that "the existence of SDR provides a glimmer of hope for the reform of the international monetary system"? The international currency, which exists just because it surpasses Vietnam's sovereignty, will not be over issued for the sake of a country's interests. It can well maintain the stability of currency value and safeguard the interests of many countries in the world and the international economic order.
in history, reserve currency has experienced the evolution of silver standard, gold standard, gold exchange standard and Bretton Woods system
2. Theoretically, what kind of requirements should a reserve currency meet
as the pricing currency of international trade, this currency must be widely used. All in all, a truly reliable global currency should be well managed, stable in value, fully convertible, widely traded in highly liquid money markets and used as a pricing currency for international trade
3. What is SDR? Why is it a super sovereign currency? Why do we say that "the existence of SDR provides a glimmer of hope for the reform of the international monetary system"
SDR is a special drawing right (SDR), a reserve asset and accounting unit created by the International Monetary Fund, also known as "paper gold". It is a right to use funds allocated by IMF to Member States. When a member state has a balance of payments deficit, it can exchange foreign exchange with other Member States designated by IMF to repay the balance of payments deficit or IMF loans. It can also act as an international reserve like gold and freely convertible currency. However, because it is only a unit of account, not a real currency, it must be changed into other currencies when it is used, and can not be directly used for trade or non trade payments. Because it is a supplement to the original ordinary drawing right of the International Monetary Fund, it is called special drawing right
why is it a super sovereign currency? To put it bluntly, it is to end the reign of the dollar and the fate of the world paying for the United States. Beyond national sovereignty
why is it said that "the existence of SDR provides a glimmer of hope for the reform of the international monetary system"? The international currency, which exists just because it surpasses Vietnam's sovereignty, will not be over issued for the sake of a country's interests. It can well maintain the stability of currency value and safeguard the interests of many countries in the world and the international economic order.
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